Lord Abbett & CO. LLC trimmed its holdings in AppLovin Corporation (NASDAQ:APP – Free Report) by 39.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 298,861 shares of the company’s stock after selling 198,412 shares during the quarter. Lord Abbett & CO. LLC’s holdings in AppLovin were worth $201,379,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its holdings in shares of AppLovin by 131.7% in the third quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after acquiring an additional 3,438 shares during the period. APG Asset Management N.V. acquired a new stake in shares of AppLovin in the third quarter valued at approximately $4,958,000. Metis Global Partners LLC boosted its holdings in shares of AppLovin by 138.3% in the third quarter. Metis Global Partners LLC now owns 10,094 shares of the company’s stock valued at $7,253,000 after acquiring an additional 5,859 shares during the period. Franklin Resources Inc. boosted its holdings in shares of AppLovin by 24.9% in the third quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock valued at $1,754,996,000 after acquiring an additional 487,492 shares during the period. Finally, TIAA Trust National Association boosted its holdings in shares of AppLovin by 431.7% in the third quarter. TIAA Trust National Association now owns 52,749 shares of the company’s stock valued at $37,902,000 after acquiring an additional 42,829 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.
Key AppLovin News
Here are the key news stories impacting AppLovin this week:
- Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
- Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
- Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article
Analysts Set New Price Targets
View Our Latest Stock Analysis on APP
AppLovin Price Performance
Shares of NASDAQ APP opened at $496.77 on Friday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The stock has a fifty day moving average price of $482.88 and a 200 day moving average price of $520.84. AppLovin Corporation has a 1-year low of $320.00 and a 1-year high of $745.61. The company has a market cap of $166.88 billion, a PE ratio of 42.68, a P/E/G ratio of 0.78 and a beta of 2.45.
AppLovin (NASDAQ:APP – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the company earned $1.67 earnings per share. The company’s revenue for the quarter was up 58.9% on a year-over-year basis. Sell-side analysts forecast that AppLovin Corporation will post 15.86 EPS for the current year.
Insider Activity
In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $582.04, for a total value of $1,790,355.04. Following the completion of the transaction, the director owned 123,520 shares in the company, valued at approximately $71,893,580.80. This represents a 2.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 8,112 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $483.67, for a total value of $3,923,531.04. Following the completion of the transaction, the chief technology officer owned 18,805 shares of the company’s stock, valued at $9,095,414.35. The trade was a 30.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 389,924 shares of company stock valued at $187,404,946. 13.66% of the stock is currently owned by company insiders.
AppLovin Profile
AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.
Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.
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